The cost of motor insurance is intricately linked to the vehicle that you plan to drive. Which insurance group it ends up in will significantly affect the amount that you will pay to insure it. This is not just because you will want to buy fully comprehensive cover when your vehicle is higher value but because of other factors that make it more likely to have an accident or be more costly for insurers to have repaired.
This article will seek to figure out how insurers such as one sure insurance view certain vehicles. Like many insurers, they will work out premiums based on the vehicle grouping system that ranks vehicles in terms of their insurance risk by scoring them between 1 and 50. The nearer to 1, the cheaper your insurance will be. Luxury and high-performance brands will be nearer to 50.
It is worth obtaining an insurance quote online in advance of buying your vehicle if you want to know the full cost of your decision. Also, bear in mind that any additional premium to pay because you changed your vehicle before the renewal date could mean a substantial annual premium to pay when it becomes due.
These are vehicles with higher engine sizes. Because they are capable of more speed, they are considered more likely to be involved in an accident that will result in more damage.
High-performance vehicles are also considered a higher theft risk because criminals will steal them to joyride in or obtain a better price to make it worth the risk of getting caught. Many a stolen vehicle of this type stolen by a joyrider or thrill seeker will be found on its roof or burnt out to remove evidence.
A luxury vehicle will also mean a higher price for thieves and so increase its theft risk. With more size and comfort will also invariably come a larger engine size which brings the vehicle closer to 50 in the insurance grouping chart.
Luxury brands will also be more expensive to buy and therefore replace for insurers should they be stolen and never found. A complete write-off of such a vehicle would prove expensive for insurance companies in terms of their compensation pay out.
Cost of Repairs
Some vehicles will prove more expensive to repair for insurers than others. They have worked out which these vehicles are by grouping them accordingly.
How costly a vehicle will be to repair will depend on the availability of parts, not made any easier by Brexit, and how long a vehicle might take to repair because of how awkward parts are to get to for a mechanic or those who repair and fit its bodywork. Mechanics could give you an extensive list of vehicles that are notoriously difficult to work on and very labour-intensive. Garages charge by the hour, and this is added to the cost of replacement parts. The more gadget-laden a car is, the more expensive the equipment required to diagnose its faults and repair it. Garages have to take account of this and so do Insurance companies
We could list vehicles that fall into the higher groups, but the likelihood of including the vehicle that you are interested in would probably be quite slim, so you are better off obtaining a quotation on your different vehicle options to see which will provide the most pleasing premium for you. It is not always as obvious as thinking about the engine size and luxury, which do make a significant difference, there can be other issues to consider. A foreign make might be more costly, for instance, because of the availability of parts.
Any vehicle with security built-in will be viewed in a good light by insurance companies because this will reduce the theft risk of an otherwise desirable vehicle. You do have that with many luxury vehicles to help keep their insurance premiums down for those interested in buying them.
Do not just consider engine size and think that is all that matters with keeping vehicle insurance down because that is far from the case, as the above explanations show.